Frankfurt-listed GWB Immobilien and HSH Real Estate, the property unit of Germany's HSH Nordbank, are establishing a joint project company focussed on revitalisation of retail assets.
Frankfurt-listed GWB Immobilien and HSH Real Estate, the property unit of Germany's HSH Nordbank, are establishing a joint project company focussed on revitalisation of retail assets.
GWB, which will be responsible for the investment programme, which starts with an initial EUR 100mln, GWB holds a 51% interest in Projektgesellschaft market 10 GmbH & Co. KG:, and will consolidate the joint venture's results in its accounts. HSH Real Estate owns the remaining 49% and has the option of 25.1% of the share capital, which can be exercised on the occasion of a further increase in GWB's capital.
'GWB Immobilien AG's concept and management are what convinced us: we consider the clear focus on retail projects as well as our partner's many years of experience and impressive track record to be guarantees of successful co-operation,' Marc Weinstock, CEO of HSH Real Estate, said in a statement. 'We are growing and investing in many different fields. The pooling of the know-how available at both companies enables us to take opportunities and to continue expanding our market presence.'
